Private Equity Tools for Business Retention and Expansion June 13th, 2012 John O’Dore, Managing Director Meridian Capital, LLC Family Owned Businesses Overview What is Private Equity? What is the role of an Investment Banker? Examples of Private Equity Transactions in Washington State Presentation Overview What’s happening out there? Substantial number of retirement age business owners: Baby boomers own over 9 panies in the US, including over 80% of middle-panies representing approximately $5 trillion in assets Significant number of business owners will be faced with crucial business transition decisions over the next 10 years Several macro trends are driving strong M&A and business transition activity: Scheduled Capital Gains increase from 15% to % Acquisitive corporate and PE buyers due to strong cash positions Improved revenue and earnings ing out of the recession Many business owners defer decision making until it’s too late, leading to suboptimal transaction es Characteristic Small Market Lower-Middle Market Middle Market and Up Revenue Size <$10 million $10 - $100 million $100 million - $1 billion EBITDA Size <$1 million $1 million - $15 million $15 million - $50 million Ownership Profile Owner-managed Owner-managed, professionally managed Professionally managed Owner or Manager Capital Motives To manage cash in business, not balance sheet To manage the business, not the balance sheet To assets on the balance sheet Ownership Goal Lifestyle Lifestyle – entity wealth creation Entity wealth creation System, Process Sophistication Entry level, held with select employees Adequate to strong system capabilities and procedures Sophisticated, institutionalized Capital Access Debt Business banking Commercial banking Corporate banking Equity Personal/family Personal/private equity Private equity Outside Investment Interest Mild Strong Strong What is Lower-Middle Market? Does this look familiar? Sell to Employee Grow
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